PP 5140P-017 at $67,500 - Good deal?

[ttk]

Hi all,

There is a pre-owned Patek 5140P-017 for $67,500 with box and papers, still under Patek warranty, from a reputable seller that I came across last weekend. It seems to be in good condition, though I haven't bought a pre-owned piece before so don't know exactly what to look for aside from the obvious scratches. I doubt that it would have been polished given that it's still under the manufacturer warranty, but I don't know that I would be able to recognize it. This is getting longer than I initially anticipated, so to get to the point. Given that Chrono24 prices for the new pieces range from around $78K to $100K, is this a good deal?

Please feel free to also comment on how you feel about the more modern look of the grey dial on a perpetual calendar, because... why not?

Thank you for reading my first post!

[jon_jon]

There are several things that forum members always remind people when purchasing pre-owned:

1) Buy the seller!
2) If it seems too good to be true, then it probably is

The question of Patek warranty may be to ask if it is original warranty and/or service warranty. The watch may have been damaged somehow and went back to Patek for servicing and may carry a 2 year service warranty. That is very different from a new watch where the Certificate of Origin date is within the past two years and is in mint condition. Some people sell below market value because they need the cash for various reasons.

It is important to know if the seller has been around and has a good reputation and/or has a physical storefront or is a unknown seller who may not stand behind the product (and disappear) after the transaction is completed.

Number one rule above is - Buy the seller!

[gmstevenson]

It is a good price if it is a full set and is a no issues watch. Does it have both case backs? The lack of a solid case back is something that could explain a lower than average asking price.

[Calatrava r]

I doubt this watch was a strong seller so the price may be realistic. Given the price I would buy a 3940 in platinum. About the same money and the 3940P will hold its value far better than the 5140.

[ttk]

Thank you for the response and advice! I just assumed that it was the original warranty; it didn't even occur to me that it could be the service warranty. Thank you!

[ttk]

Originally Posted by ttk

Hi all,

There is a pre-owned Patek 5140P-017 for $67,500 with box and papers, still under Patek warranty, from a reputable seller that I came across last weekend. It seems to be in good condition, though I haven't bought a pre-owned piece before so don't know exactly what to look for aside from the obvious scratches. I doubt that it would have been polished given that it's still under the manufacturer warranty, but I don't know that I would be able to recognize it. This is getting longer than I initially anticipated, so to get to the point. Given that Chrono24 prices for the new pieces range from around $78K to $100K, is this a good deal?

Please feel free to also comment on how you feel about the more modern look of the grey dial on a perpetual calendar, because... why not?

Thank you for reading my first post!

Thank you for the response and advice, jon_jon! I just assumed that it was the original warranty; it didn't even occur to me that it could be the service warranty. Thank you!

[ttk]

Originally Posted by gmstevenson

It is a good price if it is a full set and is a no issues watch. Does it have both case backs? The lack of a solid case back is something that could explain a lower than average asking price.

I am ashamed to say that I didn't even know there were two case backs. I'm so glad I posted on TRF! Thank you, gmstevenson!

[ttk]

Originally Posted by Calatrava r

I doubt this watch was a strong seller so the price may be realistic. Given the price I would buy a 3940 in platinum. About the same money and the 3940P will hold its value far better than the 5140.

Interesting. I wonder if a 3940P in a similar condition can be bought at a similar price.

Why do you think it wasn't as popular as the other perpetual calendars?

Thanks for the input!

[gmstevenson]

Originally Posted by ttk

I am ashamed to say that I didn't even know there were two case backs. I'm so glad I posted on TRF! Thank you, gmstevenson!

No problem. The watch would come from the factory with the sapphire back installed and a solid platinum case back (inscribed with the watch's model and and serial numbers) in the case. Patek will generally not provide a replacement so if the prior owner lost it (which happens from time to time) it will have a significant impact on the price. I would be very cautious about buying an incomplete set as it becomes very difficult to sell a watch at this price point that is incomplete as the vast majority of buyers are not willing to overlook the missing parts.

[jon_jon]

Originally Posted by ttk

Interesting. I wonder if a 3940P in a similar condition can be bought at a similar price.

Why do you think it wasn't as popular as the other perpetual calendars?

Thanks for the input!

The 3940P has been discontinued for over 10 years, so keep in mind that it may need servicing, whereas the 5140P still carries a warranty. Also see what type of dial you like. If you are buying to wear (vs as a safe queen or investment), it would be a good idea to make sure you enjoy looking at the dial.

As for the 5140P, the blue dial is more.popular than the gray dial. In general, most people seem to like blue dial Pateks more than other colored dials. Since the gray dial is less popular, it may be selling at a discount.

As always, it is a good idea to see a watch in person if you are purchasing a pre-owned watch at this price level.